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Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
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Name : |
DAY SHINE LTD. |
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Registered Office : |
Unit 14, 13/F., |
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Country : |
Hongkong |
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Date of Incorporation : |
21.02.2003 |
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Com. Reg. No.: |
33730717 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONGKONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy,
highly dependent on international trade and finance - the value of goods and
services trade, including the sizable share of re-exports, is about four times
GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on
only four commodities, whether imported or produced locally: hard alcohol,
tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping
laws. Hong Kong's open economy left it exposed to the global economic slowdown
that began in 2008. Although increasing integration with China, through trade,
tourism, and financial links, helped it to make an initial recovery more
quickly than many observers anticipated, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. The Hong Kong government is
promoting the Special Administrative Region (SAR) as the site for Chinese
renminbi (RMB) internationalization. Hong Kong residents are allowed to
establish RMB-denominated savings accounts; RMB-denominated corporate and
Chinese government bonds have been issued in Hong Kong; and RMB trade
settlement is allowed. The territory far exceeded the RMB conversion quota set
by Beijing for trade settlements in 2010 due to the growth of earnings from
exports to the mainland. RMB deposits grew to roughly 12% of total system
deposits in Hong Kong by the end of 2013. The government is pursuing efforts to
introduce additional use of RMB in Hong Kong financial markets and is seeking to
expand the RMB quota. The mainland has long been Hong Kong's largest trading
partner, accounting for about half of Hong Kong's total trade by value. Hong
Kong's natural resources are limited, and food and raw materials must be
imported. As a result of China's easing of travel restrictions, the number of
mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9
million in 2012, outnumbering visitors from all other countries combined. Hong
Kong has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% of the Exchange's market capitalization. During the past decade, as
Hong Kong's manufacturing industry moved to the mainland, its service industry
has grown rapidly. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. Lower and middle income segments of the population are
increasingly unable to afford adequate housing. Hong Kong continues to link its
currency closely to the US dollar, maintaining an arrangement established in
1983. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
Your address given as “Flat F, 10/F., Luna Court, 53 Kimberly Road, Tsimshatsui, Kowloon, Hong Kong” is the new residential address of the subject’s shareholders.
DAY SHINE
LTD.
ADDRESS: Unit 14, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2314 4414, 2314 4114
FAX: 852-2314 4444
E-MAIL: dilip@diaccents.com
Managing Director: Mr. Dilip Ramniklal Shah
Incorporated on: 21st February, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Jewellery Trader.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 14, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Aesh Diam, Hong Kong.
Decent Dia & Jew LLC, UAE.
Decent Dia-Jewels Pvt. Ltd., India.
Decents Spain S.L., Spain.
Dia-Brilliant Jewelery Co., Hong Kong.
Diaccents Exports (Shanghai) Ltd., China.
Diaccents Exports, Hong Kong.
Diaccents, Taiwan.
Diamond Link, India.
Nation Apex, China.
RI-Decent Diam, South Africa.
33730717
0834235
Managing Director: Mr. Dilip Ramniklal Shah
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry
dated 21-02-2012)
|
Name |
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No. of shares |
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Dilip Ramniklal SHAH |
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1 |
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Kaushal Dilip SHAH |
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1 |
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–– |
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Total: |
2 = |
(As per registry
dated 21-02-2012)
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Name (Nationality) |
Address |
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Dilip Ramniklal SHAH |
Unit 14, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong. |
|
Kaushal Dilip SHAH |
Unit 14, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong. |
(As per registry
dated 21-02-2012)
|
Name |
Address |
Co. No. |
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Excellence Group Ltd. [Resigned on 21-02-2013] |
Flat D, 2/F., Right Time Building, 21‑27 Playing Field Road, Mongkok, Kowloon, Hong Kong. |
0567136 |
The subject was incorporated on 21st February, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat B, 12/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in March 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products
Employees: 3.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Hong Kong, China, other Asian countries, Middle East, UK, US, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Profit or Loss: Making a small profit every year.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Day Shine Ltd. is equally owned by Ms. Kaushal Dilip Shah and Mr. Dilip Ramniklal Shah. Both are India merchants. The subject has just issued 2 ordinary shares of HK$1.00 each while each of the shareholders holds a single share. Both of the Shahs have been in Hong Kong for a very long time. Both are Hong Kong ID holders.
The subject moved to the present new address in March 2012.
Your Flat F, 10/F.,
The subject is a diamond trader. It has had an associated company Diaccents Exports located at its operating office. The subject and Diaccents Exports are engaged in the same lines of business, more or less.
Established in 1981 in Hong Kong by Mr. Dilip Shah, Diaccents Exports has expanded today to seven renowned business associates, namely, Decent Dia‑Jewels Pvt. Ltd. [DDJPL], Decents Spain S.L. (Spain), Diaccents Exports (Shanghai) Ltd. (China), Nation Apex (China), Diaccents (Taiwan), RI‑Decent Diam (South Africa), and Decent Dia & Jew LLC (Dubai).
Initially started as a loose diamond exporter, Diaccents Exports has good reputation in exclusive jewellery designing, manufacturing, exporting and also catering to the international market in wholesaling as well as retailing. Its jewellery designs have found ready markets such as Asian countries, the Middle East, Hong Kong, the United Kingdom, and the United States. Besides, Diaccents Exports has set up three retail showrooms in Spain.
Diaccents Exports has about 400 workers in its workshop which is in Shenzhen Special Economic Zone, China. Formally known as Nation Apex, the China workshop is exporting 18K, 14K Gold jewellery and yellow and white gold diamond studded jewellery. The price of the products ranges from US$50.00 to US$3,000.00.
Most of the subject’s products are provided by DDJPL and the China factory. The subject and its associates are owned by the Shah family.
The subject has got other associated companies in Hong Kong such as Aesh Diam and Dia-Brilliant Jewelery Co. Both firms are located at different addresses in Hong Kong. Ms. Kaushal Dilip Shah is also the sole proprietor of Aesh Diam.
The subject is fully supported by the Shah family. Business keeps on improving.
As the history of the subject is over eleven years and seven months in Hong Kong, on the whole, consider it good for normal business engagements.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.75 |
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1 |
Rs.100.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.